The Reality of P2P Crypto Scams

In 2025 alone, over ₦2.5 billion was lost to P2P cryptocurrency scams in Nigeria. These scammers have become increasingly sophisticated, targeting both new and experienced traders.

Common P2P Scam Tactics

1. Fake Payment Confirmation

Scammers send fake bank alerts or edited screenshots showing they've sent payment. Always verify in your banking app before releasing crypto.

2. Chargeback Fraud

After receiving crypto, scammers contact their bank to reverse the transfer, claiming unauthorized transaction.

3. Account Name Mismatch

Payment comes from a different account name than registered on the P2P platform, making it easier for scammers to claim fraud.

4. Too-Good-To-Be-True Rates

Offers significantly above market rate are red flags. If it seems too good to be true, it probably is.

Red Flags to Watch For

  • New accounts with little to no trade history
  • Rushed transactions with pressure to release coins quickly
  • Communication outside the platform
  • Requests to cancel and restart trades
  • Generic payment descriptions

The XFiat Solution: Skip P2P Entirely

Why risk your money with P2P when you can send crypto directly to your bank account?

  • No Scammers: No third-party buyers means no scam risk
  • No Chargebacks: Direct conversion can't be reversed
  • Verified System: All transactions are verified and secure
  • Instant Alerts: Real-time SMS and email confirmations

If You Must Use P2P

Essential Safety Steps:

  1. Only trade with verified users (100+ successful trades)
  2. Check payment confirmation in your actual bank app
  3. Ensure account names match exactly
  4. Don't rush - take time to verify everything
  5. Report suspicious activity immediately
  6. Keep all chat evidence

What to Do If Scammed

If you've been scammed:

  1. Immediately report to the platform
  2. Contact your bank if payment was involved
  3. File a police report with all evidence
  4. Report to EFCC (Economic and Financial Crimes Commission)
  5. Share your experience to warn others

Protect Yourself Today

The best protection against P2P scams? Avoid P2P entirely. With XFiat, you get direct crypto-to-bank transfers with zero scam risk. Join 50,000+ Nigerians who sleep better at night knowing their crypto is safe.